Skip to main content

Yuan may replace dollar in Pakistan-China trade

Khaleeq KianiDecember 19, 2017

PLANNING and Development Minister Ahsan Iqbal and Chinese Ambassador Yao Jing attend launching ceremony of CPEC Long Term Plan on Monday.—Reuters

ISLAMABAD: Minister for Planning and Development Ahsan Iqbal said on Monday that the government was examining a proposal to replace the US dollar with the Chinese yuan for trade between China and Pakistan.

He was talking to journalists after the formal launch of Long Term Plan (LTP) for the China-Pakistan Economic Corridor (CPEC) 2017-30 signed by the two sides on Nov 21.

Newly-appointed Chinese Ambassador Yao Jing and officials of the provincial governments also attended the launching ceremony.

Asked if the Chinese currency could be allowed for use in Pakistan, Mr Iqbal said the Pakistani currency would be used within the country, but China desired that bilateral trade should take place in its currency — known as Renminbi (RMB) or yuan — and “we are examining the use of RMB instead of the US dollar for trade between the two countries”. He said the use of RMB was not against the interest of Pakistan, rather it would benefit the country.

CPEC Long Term Plan formally launched

The minister said China had not stopped CPEC-related investment in Pakistan as claimed by some quarters and all projects were going on with the process of feasibility studies and their scrutiny as had been the case with the first phase of investments. All projects already identified and committed by the two sides were going through the codal formalities and moved into the implementation phase on completion of these procedures, he explained.

The 26-page LTP document briefly covers seven broad areas of cooperation where the two sides have to contribute to each other in three phases, first ending 2020, followed by another in 2025 and then completing in 2030. The areas of cooperation include connectivity, energy, trade and industrial parks, agricultural development and poverty alleviation, tourism, people’s livelihood and exchange programmes and financial cooperation.

Both sides reiterated that the LTP would remain a moving document providing macroeconomic guidance for implementation of CPEC in the next phase. “The plan would be adjusted based on real situation as well as the consensus between the parties during the course of implementation…New routes, nodes and aspects may be considered for inclusion in future by mutual agreement,” reads the document.

Under the plan, the two countries agreed to explore multi-level cooperation mechanisms and strengthen policy coordination, including their own financial reforms and opening up, besides innovating financial products and services to control financial risks.

The two sides agreed to establish and improve cross-border credit system and financial services, strengthen currency swap arrangements and establish a bilateral payment and settlement system.

Published in Dawn, December 19th, 2017


Popular posts from this blog

Balochistan to establish first medical university

The Newspaper's Staff CorrespondentOctober 25, 2017QUETTA: The provincial cabinet on Tuesday approved the draft for establishing a medical university in Balochistan.Health minister Mir Rehmat Saleh Baloch made the announcement while speaking at a press conference after a cabinet meeting.“The cabinet has approved the draft of the medical university which would be presented in the current session of the Balochistan Assembly,” he said, adding with the assembly’s approval the Bolan Medical College would be converted into a medical university.Published in Dawn, October 25th, 2017

CPEC Jobs in Pakistan, salary details

JOBS...نوکریاں چائنہ کمپنی میںPlease help the deserving persons...Salary:Salary package in China–Pakistan Economic Corridor (CPEC) in these 300,000 jobs shall be on daily wages. The details of the daily wages are as follows;Welder: Rs. 1,700 dailyHeavy Duty Driver: Rs. 1,700 dailyMason: Rs. 1,500 dailyHelper: Rs. 850 dailyElectrician: Rs. 1,700 dailySurveyor: Rs. 2,500 dailySecurity Guard: Rs. 1,600 dailyBulldozer operator: Rs. 2,200 dailyConcrete mixer machine operator: Rs. 2,000 dailyRoller operator: Rs. 2,000 dailySteel fixer: Rs. 2,200 dailyIron Shuttering fixer: Rs. 1,800 dailyAccount clerk: Rs. 2,200 dailyCarpenter: Rs. 1,700 dailyLight duty driver: Rs. 1,700 dailyLabour: Rs. 900 dailyPara Engine mechanic: Rs. 1,700 dailyPipe fitter: Rs. 1,700 dailyStorekeeper: Rs. 1,700 dailyOffice boy: Rs. 1,200 dailyExcavator operator: Rs. 2,200 dailyShovel operator: Rs. 2,200 dailyComputer operator: Rs. 2,200 dailySecurity Supervisor: Rs. 2,200 dailyCook for Chinese food: Rs. 2,000 dailyCook…

China’s 'Digital Silk Road': Pitfalls Among High Hopes

Will information and communication technologies help China realize its Digital Silk Road?By Wenyuan WuNovember 03, 2017In his speech at the opening ceremony of China’s 19th Party Congress, President Xi Jinping depicted China as a model of scientific and harmonious development for developing nations. Xi’s China wants to engage the world through commerce but also through environmental protection and technological advancement. This includes Beijing’s efforts to fight climate change with information and communication technologies (ICTs) that it plans to export along its “One Belt One Road” initiative (OBOR). Xi may have ambitious plans, but could China be throwing up obstacles in its own way?In his speech, the Chinese president emphasized the need to modernize the country’s environmental protections. The Chinese state is taking an “ecological civilization” approach to development and diplomacy, with a natio…